The crypto space has had a difficult week, with the UST crumbling and LUNA’s value dropping to zero, resulting in possibly the worst week the crypto space has endured since the March 2020 crash, drawing comparisons with the lull experienced when the Dot Com bubble burst back in 2000. Let’s take a brief look at some of the most significant developments from the previous week.
Bitcoin
The crypto markets endured a significant upheaval, as it endured its worst week since the March 2020 Covid crash, thanks primarily to the UST losing its Dollar peg
Luna Foundation Guard announced that it would take decisive steps as it attempts to protect UST’s Dollar peg and the broader Terra economy.
Billionaire Mark Cuban took to Twitter to share his thoughts on the ongoing cryptocurrency slump, comparing it with the same slump experienced by companies when the Dot Com bubble burst.
As Bitcoin slipped below the $30,000 level, El Salvador went ahead and bought 500 more Bitcoins, priced at $15.5 million.
The Shanghai High People’s Court, in a recent ruling, called Bitcoin a legal property with economic value. It also stated that the cryptocurrency was subject to property rights.
Altcoins
Binance, eToro, BitMex, Bybit, and a host of other exchanges have delisted Luna as they try and protect traders from the unprecedented drop in the value of the cryptocurrency.
Co-founder of Terra Labs, Do Kwon, has tweeted a recovery plan that he hopes would return the UST to its original peg. Ko Kwon has repeatedly asked the Terra community to stay strong as he formulates a plan to return UST back to its original peg.
LFG will raise $1 billion from investors in an effort to shore up the value of the algorithmic stablecoin after it lost its peg with the Dollar.
Business
FTX CEO Sam Bankman-Fried had purchased a 7.6% stake worth $648 million in Robinhood. . Bankman-Fried is now the third-biggest shareholder in the trading platform.
Nubank has announced that it is partnering with Paxos as it prepares to offer crypto trading services to its customers.
Regulation
The Reserve Bank of India (RBI) has expressed reservations about the Supreme Court of India’s order revoking its crypto ban. However, the RBI has not protested or filed any appeals against the order as of now.
Coinbase CEO Brian Armstrong recently spoke about its plans in India and why it stopped UPI operations in the country.
Germany’s Federal Ministry of Finance has stated that the sale of BTC, ETH, and other cryptos would be tax-free if the seller had owned the assets in question for a period of one year.
NFTs
Azuki NFT prices fluctuated wildly on OpenSea after the founder admitted that they had abandoned previous NFT projects.
Madonna has bitten the NFT bullet and launched her own NFT collection in collaboration with Beeple.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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